Contents page
Summary and Investment Case 3
Industry analysis 5
Industry risks 25
Valuation and comparables 26
Appendix 32
Company pages 35
— Guangshen Railway .....................................................................................................36
— Investment case.....................................................................................................37
— Company risks .......................................................................................................41
— Financials ..............................................................................................................42
— Price target derivation ............................................................................................47
— Company background............................................................................................49
— Tielong Logistics ..........................................................................................................52
— Investment case.....................................................................................................53
— Company risks .......................................................................................................55
— Financials ..............................................................................................................57
— Price target derivation ............................................................................................62
— Company background............................................................................................64
— Daqin Railway ..............................................................................................................67